Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-04-21

the BONDS heretofore issued, or they may
be sold and the proceeds used to buy up
the old bonds as it NAV be necessary {;
provided, that the said bonds shall not be
exchanged for the old bonds at greater
rate than par, except that the old bonds
may be taken at discount and the new
at the face value, according to agreement;
and provided, that the new bonds issued
under this act shall not be sold for less
than the amount for which the old bonds
can be purchased. No bonds shall be
sold under this act until there has been q
contract by which the proceeds can be in
vested in the purchase of the old bonds.
Sec. 8. If any county, city or town shall
desire to avail itself of this act, and
when arrangements shall have been made
for the compromise or adjustment of any
of the bonds as heTeiubefore mentioned,
! the commissioners court of such county,
the city council Of such town or city,
shall enter an order, Ur adopt an ordi-
nance, as the case may be, authorizing
the issuance of bonds, whichishall pre-
scribe the amount to be issued, and shall
cause blank bonds to be prepared for the
purpose aforesaid. The bonds shall DE
made payable to bearer, and shall be
! payable such time after date as may be
| fixed and agreed upon, not to exceed fifty
! years, and shall bear such rate of interest
as may be agreed upon, which shall
not exceed the rate of interest that
! the old bonds now bear. The
interest may be made payable annually
or semi-annually, and ct such place as
m2y be specified. Coupons shall be at
tached, representing each installment Of
| interest as specified, which shall also In
| clude per cent. of the face of the bond
as sinking fund. The bonds issued by
| the county shall be signed by the county
Judge and attested by the county clerk,
with the seal of the county, and the
coupons shall be signed by the county
| Judge. The bonds that may be issued by
any city or town under the provisions of
this act shall he signed by the mayor aud
attested by the city secretary or recorder,
with the seal of such city or town at
tached, and the coupons shall be signed
by the mayor.
Sec. 4. The bonds as herein authorized
to be issued may be exchanged Or sold
from time to time, and in such amounts
as can be procured of the old bonds by
| purchase or exchange. Whenever any bonds
shall be issued, the county commission
ers' court, or council of such city or
town, shall levy upon the last assessment
of the property for such city or town, as
the case may be, tax sufficient to pay
the interest and sinking fund of not less
than per cent. upon such bonds. The
tax so levied shall remain as the levy for
that purpose until new levy may be
made for that purpose: Provided, that
such commissioners court or council
may from time to time increase or dimin-
ish such tax SO as to adjust the same to
the taxable values of the property of the
COuC ty or city or town and the amount to
be collected: Provided further, that the
amount shall not at any time be reduced
! so that it will not raise an amount sufi-
cient to pay the annual interest and sink
ing fund on all the bonds sold or eX-
changed under this act.
Sec. 8. If the tax collector, or any Off
Ger charged with the duty of collecting
the tax levied to pay the interest and
sinking fund upon said bonds, shall re-
| fuse to collect the said tax at any time,
| he shall be liable upon mis- official bond
to any person who may be injured there
| by. If any collector shall refuse to col
| lect said taxes, then upon the complaint
of any citizen or person interested, or
upon their own motion, it shall be the
duty of the commissioners court of such
county, or the city council of such city Or
town, to appoint some suitable person,
who shall qualify as required of the col
lectOr aforesaid, and shall proceed to col
lect said tax until the next general cleo
ton and until collector shall be elected
and qualified who will collect the same.
II the commissioners court or council
aforesaid shall fell or refuse to appoint
some person as aforesaid, then the Gov
ernOr of the state shall make such APP
pOlntment of some suitable person who
shall collect said taxes until the next gen
eral election aud until some collector
shall be elected who will collect the same;
and such person SO app tinted by the
Governor shall qualify as the regular col
lector is or may be required by law.
Sec. 6. Before the bonds that may be
issued under this act shall be delivered
they shall be registered in the Office of the
Comptroller of the State, who shall in
dOrse upon each bond the date of such
registration; and when so registered and
| delivered the said bonds shall not be sub
jeCt 10 any defense that existed prior to
the delivery of them, and this shall be
stated in the face of the bonds.
Sec. 7. The taxes levied under this act
shall be assessed by the officer whose
for such county, city or town, who shall
receive for such assessment per cent.
| for making such assessment. The officer
whose duty it is by law to collect the
taxes for such county, city or town, shall
collect the taxes levied under this act,
and shall receive as compensation there
for per cent. of the amount collected.
! Sec. s. If after all the matured coupons
upon any series Of bonds that may be
issued under this act have been paid off
there shall remain surplus of the taxes
| collected under this act for the payment
| thereof, then the commissioners court of
such county, or the council of such city
or town, may use the surplus so remain
! ing to purchase any of the outstanding
bonds, at not more than par. If said
bonds cannot be purchased at par, then
the said surplus may be applied to the
payment of the next maturing coupons
upon their maturity, and the taxes for
that year RENTED to that extent.
Sec, 9. The near approach of the close
of the present session rendering it i'm
practicable to read this bill on three sew
eral days, creates an imperative public
necessity requiring that the constitutional